The potential inverse head and shoulders stressed yesterday (EURUSD - Inverse head and shoulders Almost 2015 Down) was completed this afternoon through the publication of a weaker retail sales report from the United States.
Coming in at 0.9%, below expectations of 1.1%, the retail sales figure has prompted widespread dollar weakness, helping EURUSD to break the neck before running into initial resistance around 1.6035.
in addition to a previous level of support and resistance, making it a logical level for the pair to make an initial pause, it is also compatible with the breaking of the head and shoulders reversed .
the size of the passage of the second shoulder to the neck projected above brings us almost the exact same level. This is generally considered conservative target when eruptions occur with inverted head and shoulders.
The more aggressive target tends to come from the distance between the head and the neckline is projected above the collar, which would be around 1.0675. This roughly coincides with Friday's high and thus allows another logical resistance level.
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Read More : EURUSD – Inverse Head and Shoulders Neckline Broken
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